1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - Long - term credit bonds have different performance characteristics in different market conditions. In a bear market, long - term credit bonds have better anti - decline performance, while in a bull market, they have higher comprehensive returns. In a volatile market, 5 - 7Y bonds perform better in terms of returns [2][3][25]. - Different types of institutional investors can choose different long - term credit bond investment strategies according to their own needs. For example, institutions with higher requirements for subject qualifications and liquidity management can focus on medium - term notes, while institutions with stable liability ends can consider increasing long - term credit bonds [5][6][61]. 3. Summary According to the Directory 3.1 Long - term Credit Bond Advantages 3.1.1 Yield Fluctuation Range - In a bull market, short - term credit bonds perform better, while in a bear market, long - term credit bonds have stronger anti - decline performance. This is affected by liquidity and investor structure [2][16]. - Among different credit bond varieties, long - term general credit bonds have stronger anti - decline performance than long - term secondary perpetual bonds [3][17]. 3.1.2 Interval Return - In a bull market, long - term credit bonds have outstanding comprehensive returns, while in a bear market, their returns are slightly lower than short - term varieties. In a volatile market, 5 - 7Y bonds have better returns [25]. - Among different credit bond varieties, 5 - 7Y secondary capital bonds are more likely to underperform general credit bonds in a bull market, and since 2021, secondary capital bonds have mostly underperformed general credit bonds in a bear market [26]. 3.1.3 Liquidity Perspective - In terms of maturity, the 9 - 10Y long - term credit bonds have relatively better liquidity among long - term bonds. In terms of variety, medium - term notes have higher turnover rates regardless of market conditions or maturity, and short - term (within 5Y) secondary perpetual bonds are more sensitive to market conditions [4][43][45]. 3.1.4 Institutional Trading Behavior - Insurance companies are the main stable net buyers of long - term credit bonds, and other product - type institutions such as securities asset management, social security funds, and pension funds can also form a liquidity cushion with insurance companies [4][51]. 3.2 How to Invest in Long - term Credit Bonds - Due to the expected volatile bond market in May, short - term varieties have higher short - term certainty. However, long - term credit bonds have certain allocation value for institutional investors with stable liability ends who want to increase returns through duration strategies [5][54]. - Institutions with higher requirements for subject qualifications and liquidity management can focus on medium - term notes, and consider 9 - 10Y secondary perpetual bonds in certain market conditions. Institutions with stable liability ends can increase the allocation of long - term credit bonds and consider using riding strategies for urban investment bonds [5][61][62].